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Conagra, FedEx, Royal Bank of Canada tap primary market; Nuveen plans deal
By Cristal Cody
Tupelo, Miss., Oct. 15 – Conagra Brands, Inc. dominated high-grade primary action on Monday with a $7.03 billion seven-part offering of senior notes.
The notes priced to help fund Conagra’s acquisition of Pinnacle Foods Inc. came on the tight side of guidance. A second tranche of floating-rate notes was dropped from the final sale.
Also on Monday, FedEx Corp. sold $1.25 billion of senior notes in two tranches.
In SSA issuance during the session, Royal Bank of Canada priced $1.7 billion of covered bonds.
Looking ahead, Nuveen, LLC is expected to bring a Rule 144A and Regulation S offering of guaranteed senior notes following a round of fixed-income investor calls on Tuesday.
New financial paper also is expected this week with banks exiting earnings blackout periods, according to market sources.
On Friday, JPMorgan Chase Bank, NA priced $800 million of two-year senior floating-rate notes due Oct. 19, 2020 at par to yield SOFR plus 55 basis points after parent company JPMorgan Chase & Co. reported better than expected third quarter earnings earlier in the session.
Heavier supply is likely this week, sources report. Less than $10 billion of corporate high-grade bonds were priced during the previous holiday-shortened week as stocks sold off.
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